• Bank Negara Malaysia’s (BNM) international reserves stood at US$102.8 billion as at May 15, 2019 from US$103.4 billion at April 30, 2019 • Tekun Nasional has channelled business financing worth RM140 million since the beginning of this year until April 30, 2019 • Malaysia's labour productivity grows 2.4 per cent in Q1 2019 • Malaysia's CPI rose 0.2 per cent in April 2019 to 121.1 compared to 120.9 in the same month of the preceding year: Department of Statistics Malaysia

PM expresses hope that the Chinese business community will see opportunities in Malaysia and invest

by BERNAMA / pic by AFP

PRIME Minister (PM) Tun Dr Mahathir Mohamadhas reiterated that Malaysia is a friend of China and wants to see more investments from the country.

Speaking during a dialogue session with Chinese corporate leaders organised by the International Trade and Industry Ministry (MITI) in Beijing yesterday, he said the government is looking forward to welcoming more cooperation and investments from China.

He expressed hope that the Chinese business community would see opportunities in Malaysia and invest in the country.

“We have a very business-friendly government in Malaysia, a friend to investors, that helps out the investors. Malaysia is a friend of China and is looking forward to more business cooperation with China,” said Dr Mahathir.

China is Malaysia’s largest trading partner for the past 10 years, with total trade between the two countries jumping more than 8% to RM313 billion last year compared to the previous year.

Malaysia is also Beijing’s largest trading partner among the Asean member countries.

According to the PM, Malaysia has been welcoming investors from around the world since gaining independence in 1957, as investors saw the country as being very stable politically compared to neighbouring countries.

The foreign investors, he said, had reaped many benefits from investing in Malaysia.

Dr Mahathir arrived in Beijing last night for a five-day working visit to the country and attended the Second Belt and Road Forum for International Cooperation at the invitation of Chinese President Xi Jinping.

Responding to a question from one of the participants, the PM said although Malaysia saw a change of government in May last year through the ballot box — which, he added, did not occur often — the policy regarding business and investments had remained largely the same.

This, he said, provided stability to the business and investment community.

On suggestions that the government lower the income tax to attract more investments, Dr Mahathir noted that the maximum income tax rate was already low at 26% now, compared to about 45% a while back.

Nevertheless, he said, the government would take it into consideration if lowering the tax would bring benefits to Malaysia in terms of investments.